Home
NFT

Tinder Scraps Metaverse Dating Plan: Here’s Why

0 Comment

Match Group, the parent company of dating app Tinder, has announced a series of decisions, including a step back from its Metaverse dating plan. The firm is also scrapping Tinder’s plans to offer in-app Tinder Coin currency. The decision comes amid a disappointing second quarter earnings. Additionally, Tinder CEO Renate Nyborg, who took the top job less than a year ago, will leave the company.

Let’s take a closer look at Tinder’s decision to cancel its Metaverse plans.

Tinder is taking a step back from its ambitious Metaverse plans. Credit: Unsplash

Why is Tinder pulling out of the Metaverse dating plan?

In the second quarter, Tinder shares fell 22%. Match Group reported that its HyperConnect acquisition resulted in an operating loss of $10 million. While total revenue was up 12% year-on-year, according to CNBC, the firm’s earnings did not meet analysts’ expectations for Q2. Meanwhile, Match Group CEO Bernard Kim blamed the issues on “several optimizations and disappointing execution on new product initiatives.”

In between, Tinder Taking a step back from his Metaverse plan. Additionally, Kim said he ordered HyperConnect to scale.

“Given the uncertainty about the final form of Metaverse and what will or will not work, as well as the more challenging operating environment, I have instructed the HyperConnect team to iterate but not invest heavily in Metaverse at this time,” Kim said. “We will continue to evaluate this space carefully, and we will consider moving forward at the appropriate time when we have more clarity on the overall scope and feel we have a service that is well positioned to succeed.”

Additionally, Tinder will not release its virtual currency, Tinder Coins. Kim said that due to the “mixed results” of the Tinder Coin test run, the company is taking a step back and re-examining the initiative.

All investment/financial opinions published by NFTevening.com are not recommendations.

This article is educational material.

As always, do your own research before making any type of investment.



https://ift.tt/EHh3K4S

Baca juga

Post a Comment

Post a Comment